Guarantee stock shall be of one class, shall have a par value of not less than ten dollars ($10) per share, and the proceeds thereof to the extent of such par value shall be set apart and, except to the extent that stock shall be reduced as hereinafter provided in this Section, shall be maintained as a fixed and permanent capital of the association. No stock shall be issued for a consideration other than cash or for a price less than the par value thereof, and when fully paid shall be kept unimpaired to the extent of its par value; provided, however, that an association with the consent of the commissioner may declare and distribute a stock dividend, and may issue stock for a consideration other than cash in connection with mergers, consolidations or transfers pursuant to §113106 of this act; and provided further, that with the prior consent of the commissioner the stock of an association may be reduced by resolution of the board of directors approved by the vote or written consent of the holders of a majority in the amount of the outstanding stock of such association to such amount as the commissioner shall approve. Surplus resulting from reduction of stock, however, shall not be available for dividends or other distribution to stockholders or shareholders except upon liquidation. An association may, by action of its board of directors, with the prior approval of the commissioner, apply any part or all of any paid-in or contributed surplus, or any surplus created by reduction of stock to the reduction or writing off of any deficit arising from losses or diminution in value of its assets. The commissioner may require that the consideration for the issuance of stock be sufficient to create a paid-in surplus in an amount satisfactory to the commissioner. No association shall pay any commission or other compensation for or on account of any subscription to or sale of its stock.

SOURCE: GC §41200.